HC Private Investments (HCPI), a Chicago-based private investment firm, and Landon Capital Partners (LCP), a Boston-based family office, have launched Evolution Managers Capital (Evolution), a platform for emerging private equity managers to launch their own investment efforts.
Evolution will provide emerging managers with committed capital to fund operating expenses and investments.
HCPI Managing Partners, John Kelly and Matthew Moran, and LCP Managing Partner, Chris Sullivan, will lead the platform. Evolution will provide financial backing and support to private equity managers, who like HCPI and LCP, are focused on lower-middle market transactions with targeted deal sizes ranging from USD20 to USD100 million in enterprise value. Evolution expects to commit up to USD50 million in equity in each participating firm on the platform and will bring in select family offices to invest alongside the firms on a deal by deal basis.
“I am excited to expand our private equity investing efforts with the launch of Evolution,” says Joe Niciforo, Managing Principal of HC Technologies, LLC. “Throughout my career, I have helped seed emerging hedge fund managers and believe a tremendous opportunity exists to provide successful private equity investment professionals with a similar path to start their own funds. John and Matt have done an exceptional job with HCPI since launching the firm nearly three years ago and are in an ideal position bring their experience of building successful businesses to the next crop of emerging private equity investors.”
Messrs Kelly and Moran, add: “Evolution will expand our ability to invest in lower middle market private equity transactions while creating an enterprise that provides entrepreneurial private equity investors the financial, operational and investment support to create their own firms. We are grateful to Joe for his continued support and are excited to partner with Chris and LCP to source partnerships and develop growth strategies for talented new managers. Importantly, we remain fully committed to HCPI and identifying high-quality companies in the consumer and industrial sectors and partnering with business owners to execute defined growth strategies.”
“Our goal is to fill a void in the market by providing seasoned investment professionals an alternative path to launch their own efforts,” says Sullivan. “We believe we can create an investment platform to eventually deploy at least USD500 million into lower middle market private equity transactions.”
